Centrica boss Iain Conn avoids BP-style defeat over pay packet

Catherine Neilan
Follow Catherine
French Execution
Vive le Revolution? The shareholder spring failed to materialise at Centrica's AGM today (Source: Getty)

Centrica boss Iain Conn has avoided a BP-style defeat over his pay packet - but not without some resistance from shareholders.

Conn's £3m remuneration was contested by around 15 per cent of the 72 per cent of shareholders who voted before the AGM took place.

Clearly Centrica's shareholders are less revolting than BP's, where an unprecedented 59.29 per cent voted against Bob Dudley's £14m pay packet.

The lack of revolution apparently got to at least one attendee at today's meeting.

Conn has also come out in favour of remaining in the EU, telling shareholders customers would be better off "if we have the ability to influence energy prices in Europe".

His comments come on the day the Treasury released a 200-page report into the impact Brexit would have on the UK's economy, issuing a stark warning for life in the medium-to-long term if we go it alone.

This breaking news story is being updated as more information emerges - please refresh the page for the most recent version.

To keep on top of the biggest news stories as they happen, follow @CityAM on Twitter. You can also sign up for our newsletter alerts for updates throughout the day.

Related articles